Group Health Insurance

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Building a successful business is enough hard work, without the added headache of finding affordable, quality health insurance.

Whether you're just starting out or own a small business with multiple employees, you're going to need help finding and securing health coverage. 

Who needs a Group Health Plan?

Going into business for yourself can be a bit of a gamble. But not insuring yourself, family, or employees only raises the stakes. The two groups who should be most interested in a group health plan are:

  • Self-employed persons who often think health insurance is an unaffordable luxury
  • Small business owners who know employer-sponsored health insurance is one benefit workers truly value

Health insurance helps protect your finances in the following ways:

  • Discounted rates for medical care. Insurance companies negotiate rates with health care providers. Without that feature, even the cost of a regular checkup or office visit can be twice as high
  • Spares you unexpected medical costs. Bankruptcy, due to hospitalization over an unforeseen injury, happens more often than you’d think
  • Protects your ability to work. If you don’t have your health, it isn’t possible to work
  • Improves access to quality care. With a group health insurance plan, you gain access to a broader network of health care providers than you would have, otherwise
  • Encourages a healthier lifestyle with regular checkups and preventive care that won’t cost you too much and are likely included in your policy.
  • Shields your business from personal medical costs. Unexpected personal medical expenses can impact your personal liability for medical costs. Health insurance can help you keep your business protected
  • Hire and retain great workers. Employer-sponsored group health insurance coverage is a valuable inducement to top talent, as well as an important consideration in complete compensation packages

What kind of health plans are available to business owners?

There are two primary categories of health insurance for small business owners and self-employed persons to choose from:

  • Individual and Family Plans purchased by individuals to cover themselves or their families
  • Small Business/Group Plans that are employer-sponsored health coverage

After that, there are more plan options to choose from:

Preferred Provider Organization (PPO) plans are the most popular for individuals and families. It’s your responsibility to make sure that the health care providers you visit participate in the PPO. A PPO plan may be right for you, if:

  • Your doctor already participates in the PPO
  • You want to direct your own health care and can work with the predetermined preferred provider list

Health Maintenance Organization (HMO) plans offer health care services through a network of providers who contract exclusively with the HMO or who agree to provide services to members. An HMO plan may be right for you if:

  • You’re willing to coordinate your care through a primary care physician and follow the rest of the HMO guidelines
  • You enjoy preventive care, such as coverage for checkups, immunizations, and similar services

Health Savings Accounts (HSA) eligible plans are usually PPO plans with higher deductibles, designed for use with HSAs. Similar to a flexible spending account (FSA) or 401(k), an HSA is a special bank account, which allows participants to save pre-tax money, specifically for future medical expenses. An HSA-eligible plan may be right for you if:

  • You want to pay for health care expenses with pre-tax dollars
  • You’re relatively healthy and don’t need lots of care or doctor visits
  • You prefer a cheaper monthly premium, even if it means having a higher deductible
  • You want to “roll over” your contributions each year

Indemnity plans allow members to direct their own health, visiting any doctor or hospital they like most. Because of this freedom, Indemnity plans are sometimes more expensive than other types of plans. An Indemnity plan may be right for you, if:

  • You want the greatest level of freedom possible in choosing which doctors or hospitals to visit
  • You don’t mind coordinating the billing and reimbursement of your claims, yourself

Worried about the cost?

We specialize in covering local businesses owners like you. We have everything you need, including:

  • Monthly payment options, to help spread out your payments so you can better manage your cash flow
  • Coverage of temporary staff, full-time employees, and independent contractors
  • Claims responsiveness when time is of the essence, especially in the event of an insurance claim
  • Tailored coverage for the specific risks of your field and industry
  • Knowledgeable agents who provide exceptional, passionate service

Group Health Insurance - Frequently Asked Questions

What is group health insurance?

Group health insurance is a type of health insurance coverage provided to a group of people, typically employees of a company or members of an organization. It offers medical coverage for individuals and their dependents, providing access to healthcare services and helping to manage medical expenses.

What are the advantages of offering group health insurance to my employees?

Offering group health insurance as part of your employee benefits package can provide several advantages. It helps attract and retain talented employees, boosts employee morale and job satisfaction, promotes a healthier workforce, and may offer tax advantages for both employers and employees.

Can small businesses qualify for group health insurance?

Yes, small businesses can qualify for group health insurance. The requirements and options may vary depending on the size of the company and the state regulations. Our experienced agents can help you explore the available options and find the right group health insurance plan for your small business.

What types of coverage are included in group health insurance plans?

Group health insurance plans typically include a range of coverage options, such as preventive care, doctor visits, hospital stays, prescription medications, emergency services, and more. The specific coverage details will depend on the plan you choose and the needs of your group.

Can I customize the group health insurance plan for my organization?

Yes, group health insurance plans can often be customized to meet the specific needs of your organization. You can choose from various coverage options, including different levels of deductibles, co-pays, and network providers. Our agents can assist you in tailoring a plan that aligns with your organization's requirements.

How do I determine the cost of group health insurance?

The cost of group health insurance depends on several factors, including the size of your group, the demographics of your employees, the coverage options selected, and the location of your business. Our team can provide you with a personalized quote based on these factors and help you find a plan that fits your budget.

Do employees have to contribute to the cost of group health insurance?

In many cases, employees share the cost of group health insurance with their employer through payroll deductions. The percentage of the premium paid by the employer and employees can vary based on the company's policies and the plan selected.

Can I switch group health insurance plans during the year?

Group health insurance plans typically have an annual enrollment period during which you can make changes to your coverage. However, certain qualifying events, such as the birth of a child or marriage, may allow for mid-year changes. Our team can guide you through the process of making changes to your group health insurance plan.

What happens if an employee leaves the company?

When an employee leaves the company, they may be eligible for COBRA continuation coverage, which allows them to continue their group health insurance for a limited time. Our team can provide guidance on COBRA requirements and assist with the necessary paperwork.

How can I get started with group health insurance for my organization?

To get started with group health insurance for your organization, contact us directly. Our knowledgeable agents will guide you through the process, help you understand your options, and find the best group health insurance plan to meet the needs of your organization and employees.

For more information or to discuss your specific group health insurance needs, reach out to our team at Colorado Insurance Benefits. We are here to assist you with all your group health insurance inquiries.

Why We're Different

While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy tailored to you.

After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to your business.

Contact us today, and we'll help you protect what matters most.